Building your credit is important. If you ever plan on applying for a car loan or credit card, you'll need to prove you are responsible when it comes to paying off your debt. That's where your credit score comes in. The higher your credit score, the more opportunities you'll have to get a loan at a low rate.
Whether you're wondering how to establish credit or you'd like to improve your existing score, contact us today to learn about our loans to establish credit. With the Salem Seaport Credit Builder Loan, the money you borrow is secured in your savings account for the term of the loan and dividends are paid on the money while you make payments and establish your credit. Once you have successfully paid the loan in full, the money becomes available in your account. Maintaining scheduled payments for a minimum of six months will allow the payment history to be reflected on your credit report and may help you improve your score.
Higher credit scores combined with high-value, low-rate products and services from Sale Seaport Credit Union can lead to lower rates and personal savings for you and your family. Read why the New York Times thinks Credit Builder Loans are such a great product, then apply for yours.
The Credit Builder Loan is specifically designed to help you build or rebuild your credit history as you build up to $3,000 in savings plus dividends. Here's how it works:
Example loan payment schedule—A $1,000 Credit Builder Loan with an APR of 5.00% for 18 months has an approximate monthly payment of $57.79.
* Satisfactory payments are those received by Salem Seaport Credit Union on or before the due date for at least the scheduled payment amount.
** Real Estate and Credit Card loans do not qualify for the discount. The granting of a Credit Builder Loan does not guarantee future loans. All loans are subject to credit approval.